Investors Slap £500M Price Tag On London's Hard Rock Hotel
London’s iconic Hard Rock Hotel has been put up for sale with a whopping £500m price tag.
Starwood Capital and London & Regional have appointed agents JLL and Eastdil Secured to begin the search for a buyer for the property located near Marble Arch in London’s West End, React News reported.
It is one of the largest London hotel sales since before the onset of the coronavirus, and as such will test the appetite for the sector as it continues its recovery from the pandemic.
Just over £4B was invested in UK hotels in 2021, an 84% rise on the pandemic-blasted figure for 2020, data from Savills showed.
Data from hospitality analytics firm STR showed the UK to be the best performing hotel market in Europe in the month to 11 April, with occupancy at 87% of 2019 levels, putting it ahead of Poland and Ireland.
The Hard Rock Hotel opened in 2019, having previously been known as the Cumberland Hotel, and the brand has followed a similar marketing quirk as the parent restaurant chain, with famous musicians' memorabilia adorning its walls. Guests can also make use of Fender guitars in their rooms.
Starwood and London & Regional shelled out £215M for the Cumberland Hotel in 2010, acquiring the property from the Royal Bank of Scotland in the wake of the financial crisis.
